Total monthly cost of ownership
Cost to Own a Home in Perham, Minnesota
A $186,000 home here costs
$1,596per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $956. The real number is $640 higher every month — 67% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Perham against Otter Tail County and Minnesota
| Measure | Perham | Otter Tail County |
|---|---|---|
| Median home value | $186,000 | $252,500 |
| Median property tax | $2,206 | $1,966 |
| Effective tax rate | 1.186% | 0.779% |
| Median gross rent | $813 | $805 |
| Population | 3,577 | 60,281 |
The weather behind that power bill
Perham sits in Otter Tail County, which averages a high of 78.6°F in its hottest month and a low of -2.0°F in its coldest, with 28.17" of precipitation a year and 44% of it in a single three-month stretch. That climate drives 416 cooling and 9,147 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Otter Tail County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Otter Tail County
Full Otter Tail County cost breakdown · Every county in Minnesota
Common questions
How much does it cost to own a home in Perham?
A $186,000 home in Perham, Minnesota costs approximately $1,596 per month with 20% down at 6.66%. That is $956 principal and interest, $184 property tax, $81 homeowners insurance, $220 utilities and $155 set aside for maintenance.
What is the property tax rate in Perham?
Perham has an effective property tax rate of 1.186%, based on a median home value of $186,000 and median real estate taxes of $2,206. That is higher than the Otter Tail County average of 0.779%.
What is the average home price in Perham?
The median owner-occupied home value in Perham, Minnesota is $186,000, against $252,500 across Otter Tail County.
Is it cheaper to rent or buy in Perham?
Median gross rent in Perham is $813 a month, against $1,596 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Perham — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Minnesota.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.